Asda boss Andy Clarke admits the grocer has reached its lowest ebb after reporting the worst quarterly sales slump in its 50-year history.
According to Retail Week, Clarke said Asda had reached its “nadir” after like-for-like sales slumped 4.7 per centin the 11 weeks to June 30, following a period of “unprecedented change” in the grocery market.
But Clarke insisted the only way is up for the supermarket after seeing some “positive green shoots” so far in its third quarter.
He said: “The market is in incredibly challenging times. For all retailers, with the exception of the discounters, the market continues to be in decline.
“From our perspective, we’ve certainly hit our nadir. Every business has got to have one – we’ve seen that over the course of the last two years that the nadir of other retailers has been quite substantial.
“We’ve led the way as we’ve gone through what has been a very challenging storm for the retail market, whether it’s about the price investment, launching our strategy, going first with the reorganisation and restructure – we are ahead of the curve. We’ve hit our nadir and we’re on the upward curve now.
“The investments we are putting in are working. As we go through the third quarter and forward into the final quarter of the year and into 2016, we can start to see the positive momentum that will come from the confidence we have with our parents in executing our strategy.”